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Leases | 3 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Leases | Note 7. Leases: As a lessee, the company leases offices, labs, and manufacturing facilities, as well as vehicles, copiers, and other equipment. The Company recognizes operating lease expense on a straight-line basis over the lease term. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is Bio-Techne’s incremental borrowing rate or, if available, the rate implicit in the lease. Bio-Techne determines the incremental borrowing rate for each lease based primarily on its lease term and the economic environment of the applicable country or region. During the three months ended September 30, 2022, the Company recognized $0.9 million in variable lease expense and $3.8 million relating to fixed lease expense in the Condensed Consolidated Statements of Earnings and Comprehensive Income. The following table summarizes the balance sheet classification of the Company’s operating leases and amounts of right of use assets and lease liabilities and the weighted average remaining lease term and weighted average discount rate for the Company’s operating leases (asset and liability amounts are in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | As of |
​ | ​ | ​ | ​ | ​ | September 30, |
​ | ​ | Balance Sheet Classification | ​ | 2022 |
Operating leases: |  | ​ |  |  | ​ |  | ​
Operating lease right of use assets |  | ​ | Right of Use Asset | ​ | $ | 69,745 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current operating lease liabilities |  | ​ | Operating lease liabilities current | ​ | $ | 12,115 | ​
Noncurrent operating lease liabilities |  | ​ | Operating lease liabilities | ​ |  | 64,756 | ​
Total operating lease liabilities | ​ | ​ | ​ | ​ | $ | 76,871 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years): | ​ |  | ​ | ​ |  | 8.47 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average discount rate: | ​ |  | ​ | ​ |  | 4.00 | %
​ The following table summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right of use assets obtained in exchange for new operating lease liabilities for the three months ended (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | Quarter ended
​ | ​ | September 30,
​ |  | 2022
Cash amounts paid on operating lease liabilities | ​ | $ | 3,660
​ | ​ | ​ | ​
Right of use assets obtained in exchange for lease liabilities | ​ |  | 10,520
​ ​ The following table summarizes the fair value of the lease liability by payment date for the Company’s operating leases by fiscal year (in thousands): ​
​ | ​ | ​ | ​
​ |  | September 30, 2022
​ | ​ | Operating
​ | ​ | Leases
Remainder 2023 | ​ | $ | 14,201
2024 | ​ |  | 12,044
2025 | ​ |  | 10,907
2026 | ​ |  | 9,542
2027 | ​ |  | 7,724
Thereafter | ​ |  | 24,900
Total | ​ | $ | 79,318
Less: Amounts representing interest | ​ |  | 2,447
Total Lease obligations | ​ | $ | 76,871
​ Certain leases include one or more options to renew, with terms that extend the lease term up to five years. Bio-Techne includes the option to renew the lease as part of the right of use lease asset and liability when it is reasonably certain the Company will exercise the option. In addition, certain leases contain fair value purchase and termination options with an associated penalty. In general, Bio-Techne is not reasonably certain to exercise such options.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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